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MEN RESPONSIBLE FOR PANIC OF 1907 PLANNING. -.
ANOTHER UNLESS ALDRICH BANK LAW IS PASSED
the
ever
Not in all the" pages of
world's fiction was there
chronicled so extraordinary . a
. story as that told before the Stan
ley committee for the investiga
tionof the Steel Trust'by Whar
ton' Barker of Philadelphia yesterday,
Barker declared that the panic
of 1907 was not due to any con-:
ditiqn, that itxwas a thing clelib
erateby planned by a few men who
Met in the home of J. Pierpont
Morgan in May, 1907, and decid
ed that the country "needed to
be taught a lesson'
" He also said that A those same
interests that caused that panic
are planning another one unless
""a subserviant Congress passes the
Aldrich Central bank plan.
He " declared 'that t Theodpre
Roosevelt sold himself to the rail
road interests as represented ty
E. H. Harriman, in order to se
cure his election to the presidency
df 1904.
'Before going any further, it is
vell tcr consider just who Whar
'ton Barker is. v
He is a financier, a trustee of
the University of Pennsylvania,
a member of the' American Phil
osophical Society, of the Acad
emy of Natural Sciences, of the
American Academy of Political
and Social Science, of the His
torical Society of Pensyfvania,
and perhaps that most prominent
, banker of Philadelphia:
He is a man 67 years old, and,
prior to Roosevelt's,ele.vationutOj
the presidency, was one of Roose
velt's closest -friends.
Do you remember, that panic qf
1907? Do you remember the ruin
it brought about, the men who
committed suicide because q it,
the women who were forced to
go on-the streets to earn bread
for their children because, of that
panic?
Here is how Wharton Barker
says that panicf came about:
"The day after that conference
at Morgan's home there came to
me at Philadelphia, a gentleman
who had attended that confer
ence, a man of affairs, in the busi-
ness worldr-
"This, man had been an officer;
with the Rough Riders under.
Colonel Roosevelt.
"He told me that the things
proposed at that conference,
from a financial -point of view,
were frightful, and he appealed to
me to go to Washington to see
the president about them.
"He declaredhe had appealed
to the president himself without
avail.
"He said that it had been
agreed at the conference that
loans should be called in, all cred
it withdrawn and such money as
was in the hands of the banksj
withdrawn from them and put,
where It would be easily obtained!
when the men who intended try
start the panic wished to stop it j
The, plan agreed upon at thai(
conference, and carried out, was
as follows :
c,Morganandothetv "financiers"